Mulholland Energy Services, LLC 401(k) Review & Grade
Mulholland 401(k) Plan
Midland, TXUtilities832 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$479Employer $ per active participant
$830Employee $ saved per active participant
0.48%Direct admin cost, % of plan assets
$3.2MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity0.7 / 501th percentile for employer $ per participant
- Low cost6.2 / 2525th percentile for low admin cost vs. same-size plans
- Employee saving0.0 / 150th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-10 pts1 issue reported on the filing
Total score0 / 100 · Grade F
This plan vs. peers
Peers: Utilities plans with 500–2,499 active participants (75 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 1th |
| Lower admin cost | 25th |
| Employee saving | 0th |
| Peers that auto-enroll | 76% |
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Red flags from the filing
Late deposits: the filing says some employee contributions were not sent to the plan on time ($41,828 reported). That's money taken from paychecks that sat with the employer longer than the law allows.
What to do if you're in this plan
- Mulholland Energy Services put in about $479 per active participant, below the typical peer ($6,264). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.48% of assets) are well above similar-size plans (0.23%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- The plan reported late deposits of employee contributions. Compare your pay stubs with your account statements, and contact the plan administrator if money shows up late.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $398,342 |
| Participant (employee) contributions | $690,391 |
| Other contributions (incl. rollovers in) | $118,377 |
| Administrative expenses paid from the plan | $13,738 |
| Contract administrator fees | $13,738 |
| Benefits paid out | $874,421 |
| Net assets, start / end of year | $2.6M / $3.2M |
| Active participants, start / end of year | 770 / 893 |
| Participants with account balances | 131 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Weaver and Tidwell, LLP |
Largest service providers (Schedule C)
| Principal Life Insurance Company | $13,737 reported compensation |
| Northwestern Mutual Investment Serv | $10,511 reported compensation |
| Wilshire Advisors LLC | $0 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251117144756NAL0002540208001, received 2025-11-17, EIN 46-3793511, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.